Shoppers Stop, the fashion and lifestyle retail major has decided to exit the joint venture with Swiss major Nuance Group for duty-free airport stores.
“We will exit the JV with Nuance Group in the next two-quarters and we have already taken a total impairment of Rs 27 crore for it,” Customer Care Associate and Managing Director, Shoppers Stop, Govind Shrikhande told PTI.
According to a PTI report: The company is working out valuations for the stake offloading, which in all probability will be bought over by Nuance Group.
Shoppers Stop entered the partnership with Nuance Group AG in 2006 and has stores in Mumbai and Bengaluru airports.
Shoppers Stop, which had a 50 per cent stake in the joint-venture till March 31, 2017, has reduced the same to 40 per cent and currently is on the lookout to sell off its remaining stake.
Exiting from the JV will improve the bottom line of the holding company, Shrikhande said.